15 April, 2012

Legal Alert Dishonour of Cheque- Loan for purchase of Vehicle- Vehicle Seized-After Seizure of Vehicle post dated cheques cannot be presented for encashment-Madras High Court


Dishonour of Cheque- Loan for purchase of Vehicle-Post Dated cheques issued-Non payment of loan installment-Vehicle Seized.
Held, after seizure of vehicle post dated cheques cannot be presented for encashment-Owner has to take other legal remedies for recovery of balance amount-When vehicle is sold subsequently the sale proceeds thereof can be adjusted against the loan and owner can recover the balance amount, if any- No offence of Section 138 of the Negotiable Instrument Act made out.

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Regards
Deepak Miglani Advocate
President Legal Point Foundation
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